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The Marketing Plan. Strategic Planning. The Marketing Plan. Mission Statement Situation Analysis Objectives Target Market and Positioning Marketing Strategy Product Price Place Promotion Timetable for Implementation Evaluate Performance. Step 1: Mission Statement. - PowerPoint PPT Presentation
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The Marketing Plan
Strategic Planning
The Marketing Plan1. Mission Statement2. Situation Analysis3. Objectives4. Target Market and Positioning5. Marketing Strategy
a) Productb) Pricec) Placed) Promotion
6. Timetable for Implementation7. Evaluate Performance
Step 1: Mission Statement
• Answers the following:– What type of business are we?– What business are we in?– What do we need to do to accomplish our goals
• Not too broad, not too narrow• Focuses on markets rather than on offering
Step 1: Mission Statement Examples
• DunkinDonuts: to lead and build great brands• Starbucks: aims to inspire and nurture the
human spirit – one person, one cup and one neighborhood at a time
Step 2: Situation Analysis
2a. SWOT Analysis+ Strengths- Weaknesses
+ Opportunities- Threats
InternalYou control
ExternalYou don’t control
Identify firm’sCompetitiveAdvantage
Step 2a: SWOT Analysis
• Evaluate company and product• Consider: costs, skills, financial resources,
brand image, technology available, HR, and the External Environment
• Industry analysis CDSTEP– Culture, competition, demographics, social,
technology, economic and political/legal
Step 2b: Industry Analysis
• Culture• Competition• Demographics• Technology• Economic• Political/Legal
Culture
• Shared meanings, beliefs, values, customs• Country• Regional• Subcultures or Lifestyles
• ie. snowboarders, skateboarders, grunge, so called urban tribes, etc.
Competition
• Who• Sales – competition and the category• Market share• Positioning in market vs. you• Direct and indirect competion
Demographics
• Generational Cohorts– Seniors– Baby Boomers– Gen Y– Teens– Tweens
Tweens Teens Gen Y Gen X BabyBoomers
Seniors
Age 8-12 13-17 18-33 34-47 48-66 67+
Population 20 M 25M 60M 40M 75M 39M
Spending $50B$150B parents
$58B $200B $50B on grandkids
Information AttitudeAccess to InfoSophisticated past ageHome Decor
ConnectedShopping is a social sportShop in storesClothes/shoesAccesories
Emphasize balancing work and liveInquisitiveDiverseOpinionatedMultitaskersBrand engagement
“latchkey kids”IndependentResilientAdaptableCautionsSkeptical/cynic80% use social mediaMass merchandisers
AffluentExperiencedFlexiblePostpone retirementYouth obsessedNot loyalQuality
Time to shopComplainMoneyBrowse b4 buyLoyalQualityValue
Ethnicity/Race• Hispanics
– $1.5T purchasing power– Will be 33% of population– 60% Mexican– Non homogeneous group
• African-Americans– $1.2T purchasing power– Youngest group– Radio friendly– 30% of HH led by single women
• Asian-Americans– $775B purchasing power– Highest family income & education– Adopt latest gadgets
Social Trends
• Prince Sensitivity• Health and Wellness• Green consumers• Time poor society• Privacy concerns• Component Lifestyles• Changing gender roles
Technology
• “Weisure” Time– Smartphones/tablets are leading people to work
during playtime• Technology advancements– Constant Internet access– “ubiquitous” computing and shopping– Mobile coupons and boarding passes– Barcode scanning– RFID for tracking
Economic
• Inflation• Recession• Income• Purchasing Power
Political/Legal
• Federal Regulation• State Laws• Government Regulatory Agencies– FDA– FTC– CSPC
Step 3: Objectives
• What is to be accomplished– Realistic– Measurable– Time Specific– Compared to a benchmark
Target Market and Positioning
• Need to choose which customers you will serve
• Break the market into segments– Groups with different wants, needs, characteristics
• Can target more than one segment
Segmentation Illustrated
Step 4: Target Market and Positioning
• Positioning– How do you want customers to see you?• Luxury• Cheap• Quality• Convenient, etc.
– Turn the product attributes into benefits matched to the Target Market
Step 5: Marketing Mix
• Product• Price• Place• Promotion
Step 6: Timetable
• You have objectives• You have a plan• Need a schedule of the – What– When– Whom
Step 7: Evaluate
• Are you on target to accomplish your objectives?– WHAT will you measure WHEN with what METRIC?– Next Steps– Evaluate your position periodically• Growth Strategies
– Market Penetration– Product Development– Market Development– Diversification